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Mountain Crest Acquisition Corp. V(MCAGU) - 2023 Q1 - Quarterly Report
MCAGUMountain Crest Acquisition Corp. V(MCAGU)2023-05-15 20:30

Financial Performance - The Company reported a net loss of 43,336forthethreemonthsendedMarch31,2023,comparedtoanetlossof43,336 for the three months ended March 31, 2023, compared to a net loss of 121,880 for the same period in 2022, reflecting a decrease of approximately 64.4%[139]. - For the three months ended March 31, 2023, cash used in operating activities was 187,740,withchangesinoperatingassetsandliabilitiesproviding187,740, with changes in operating assets and liabilities providing 72,993 of cash[143]. - The company did not have any dilutive securities, resulting in diluted income (loss) per share being the same as basic income (loss) per share[160]. Trust Account and Securities - As of March 31, 2023, the Company had marketable securities held in the Trust Account amounting to 20,038,974,whichincludes20,038,974, which includes 397,894 of interest income[145]. - Following the underwriters' full exercise of their over-allotment option, the total proceeds held in the Trust Account increased to 69,000,000[142].−TheCompanyplanstousesubstantiallyallfundsheldintheTrustAccounttocompleteitsBusinessCombinationandforworkingcapitaltofinanceoperationsofthetargetbusiness[146].−ThecompanyhasinvestedthenetproceedsofitsIPOinU.S.governmenttreasuryobligationswithamaturityof180daysorless,mitigatingexposuretointerestraterisk[164].InitialPublicOffering(IPO)−TheCompanygeneratedgrossproceedsof69,000,000[142]. - The Company plans to use substantially all funds held in the Trust Account to complete its Business Combination and for working capital to finance operations of the target business[146]. - The company has invested the net proceeds of its IPO in U.S. government treasury obligations with a maturity of 180 days or less, mitigating exposure to interest rate risk[164]. Initial Public Offering (IPO) - The Company generated gross proceeds of 60,000,000 from its Initial Public Offering of 6,000,000 Units at 10.00perUnit[140].−TheCompanyincurredtransactioncoststotaling10.00 per Unit[140]. - The Company incurred transaction costs totaling 5,090,361 related to the Initial Public Offering, which included 1,380,000inunderwritingfees[142].−Theunderwritersareentitledtoadeferredfeeof1,380,000 in underwriting fees[142]. - The underwriters are entitled to a deferred fee of 0.30 per unit, totaling 2,070,000,payableonlyifthecompanycompletesaBusinessCombination[155].BusinessCombination−TheCompanyenteredintoaBusinessCombinationAgreementwithAUMBiosciencesPte.Ltd.onOctober19,2022,withsubsequentamendmentstotheagreement[126].−TheCompanyextendeditsBusinessCombinationPeriodfromMay16,2023,toFebruary16,2024,followingstockholderapproval[133].−IfaBusinessCombinationisnotconsummatedbyFebruary16,2024,therewillbeamandatoryliquidationandsubsequentdissolution[152].FinancialObligations−Thecompanyissuedanon−interestbearing,unsecuredpromissorynoteintheaggregateprincipalamountof2,070,000, payable only if the company completes a Business Combination[155]. Business Combination - The Company entered into a Business Combination Agreement with AUM Biosciences Pte. Ltd. on October 19, 2022, with subsequent amendments to the agreement[126]. - The Company extended its Business Combination Period from May 16, 2023, to February 16, 2024, following stockholder approval[133]. - If a Business Combination is not consummated by February 16, 2024, there will be a mandatory liquidation and subsequent dissolution[152]. Financial Obligations - The company issued a non-interest bearing, unsecured promissory note in the aggregate principal amount of 300,000 to the Sponsor, due upon consummation of an initial business combination[148]. - As of March 31, 2023, there was 102,877outstandingunderapromissorynotewithUHYAdvisors/UHYLLP,withaprincipalsumof102,877 outstanding under a promissory note with UHY Advisors/UHY LLP, with a principal sum of 108,001.90[149]. - The company does not have any long-term debt or capital lease obligations, with a monthly payment agreement of up to 10,000foroffice−relatedexpenses[154].−Thecompanyhasnoobligations,assets,orliabilitiesconsideredoff−balancesheetarrangementsasofMarch31,2023[153].CashPosition−AsofMarch31,2023,thecompanyhadcashof10,000 for office-related expenses[154]. - The company has no obligations, assets, or liabilities considered off-balance sheet arrangements as of March 31, 2023[153]. Cash Position - As of March 31, 2023, the company had cash of 122,523 held outside the Trust Account for general working capital purposes[147]. - The company has withdrawn $50,855 of interest earned on the Trust Account to pay franchise and income taxes through March 31, 2023[145].